USD/JPY ~ Update ~ 26 June 2012

After the breach of the downtrend channel earlier this month, the USD/JPY retested the channel a week later and then rallied to the resistance at 80.50:

I'm not quite sure if the upmove (since early June) is already over. Weak support is at 79.10-20 and then at around 78.60-80. If one of these two levels holds, we might see another rally back to 80.50 or even 81.75. If it doesn't hold, we should retest the very strong support area around 78.